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£74m loan for iconic Grade II listed Canons Wharf redevelopment in Bristol
Southwest England
LOCATION
Commercial
SECTOR
Development loan
LOAN TYPE
Overview
A £74 million loan to a joint venture between Mactaggart Family & Partners (“MF&P”) and Kinrise, to support the transformation of Canons Wharf, an iconic Grade II listed waterfront estate in Bristol city centre. The site was the former regional headquarters of Lloyds Banking Group.
The redeveloped Canons Wharf scheme will deliver 165,000 sq. ft. of versatile office space across two distinct buildings with Harbourside views and 18,000 sq. ft. of food and beverage opportunities overlooking the Amphitheatre, a waterside public space hosting events throughout the year. The redevelopment will also feature an array of amenities including a gym, saunas, auditorium, rooftop pavilion, gardens and terraces. Designed for ultimate flexibility, each building is well suited as a corporate headquarters or as a vibrant multi-let campus.
The development will target meeting BREEAM Excellent, EPC A, WiredScore Platinum and SmartScore Gold standards, with a strong focus on sustainability, health and wellbeing.
The redevelopment will prioritise a low-carbon retrofit, minimising embodied carbon through reuse of existing structures, efficient window glazing and natural ventilation. The building will be 100% electric, supplied by green energy, and will feature water source heat pumps utilising the harbour water. Rooftop photovoltaic panels, new tree planting and green landscaping will further enhance biodiversity and sustainability across the scheme.
Located on 4.6 acres of prime waterfront freehold, Canons Wharf sits at the heart of Bristol’s vibrant mixed use Harbourside community and within walking distance of Temple Meads Station. The site benefits from excellent transport links, large car parking provision and is surrounded by leading occupiers in finance, legal and technology sectors.
Bristol is the leading office market among the UK’s Big 6 Regional Office Cities¹, with Grade A vacancy at just 3.9%. The city’s vibrant central business district, strong knowledge economy and limited pipeline of new supply underpin robust demand for high-quality, sustainable office space.
The joint venture brings together MF&P, a long-established family office with a proven track record in value-add investments and Kinrise, an award-winning investor and operating partner specialising in the retrofit of iconic buildings.
This marks our largest loan provided to date, reinforcing a commitment to delivering best-in-class, sustainable office buildings across the UK. We previously supported MF&P in 2022 with a £33 million loan for the conversion of the Grade II-listed Mountbatten House in Basingstoke, into a green office scheme now known as Plant.
Work on the Canons Wharf redevelopment is expected to commence in the summer of 2026 with practical completion expected to be in late 2027.
Source:
1 Savills